Stocks fell Thursday after economic data pointed to a strong labor market and faster economic growth than previously thought. The S&P 500 tumbled 56.05 points, or 1.4%, to close at 3822.39. The Dow Jones Industrial Average fell 348.99 points, or 1%, to 33027.49. The technology-focused Nasdaq Composite lost 233.25 points, or 2.2%, to close at … Read more
New York CNN — America’s economy grew much faster than previously thought in the third quarter, a sign that the Federal Reserve’s battle to cool the economy to fight inflation t is having only limited impact. The Commerce Department’s final reading Thursday morning showed gross domestic product, the broadest measure of the US economy, grew … Read more
A stock-market paradox, in which bad news about the economy is seen as good news for equities, may have run its course. If so, investors should expect bad news to be bad news for stocks heading into the new year — and there may be plenty of it. But first, why would good news be … Read more
Since the late 1990s, China has been the big beast in the global oil markets, driving demand for oil and other commodities that it used to power double-digit economic growth every year for many years and then high single-figure growth for years after that. As late as 2017, China’s high rate of economic growth still … Read more
WASHINGTON—Most Federal Reserve officials thought they should slow the pace of interest-rate increases after approving a 0.75-percentage-point rate rise at their meeting earlier this month to battle high inflation. Their discussion at the meeting, described in minutes of the gathering released Wednesday, suggests they could downshift to a rate rise of 0.5 percentage point, or … Read more
U.S. Treasury yields declined Tuesday ahead of the Federal Reserve’s November meeting and as investors awaited key jobs and manufacturing growth data. The yield on the benchmark 10-year Treasury fell back below the 4% mark and was last trading at around 3.947%, after falling by around 13 basis points. The 2-year Treasury yield declined by … Read more
The numbers: A key gauge of U.S. inflation rose a mild 0.3% in September, aided by the lower cost of gas. Yet prices are still going up even if they aren’t climbing as fast as they were earlier in the year. Another measure of inflation that omits volatile food and energy costs rose a sharp … Read more
CNN — Treasury Secretary Janet Yellen said Thursday in an exclusive interview with CNN that she did not see signs of a recession in the near term as the US economy rebounded from six months of contraction. During a one-on-one interview in Ohio that aired on CNN’s “Erin Burnett OutFront,” Yellen said the third quarter … Read more
FRANKFURT, Germany (AP) — The head of the European Central Bank says the 19-country eurozone economy is expected to weaken the rest of the year and into next. ECB President Christine Lagarde told reporters Thursday that inflation is “reducing people’s real income and pushing up costs for firms” and is working to dampen spending and … Read more
The U.S. economy grew at a 2.6% annual rate in the third quarter despite a slowdown in consumer spending during the summer amid high inflation and rising interest rates. Gross domestic product—the broadest measure of goods and services produced across the nation—increased after declining in the first half of the year, the Commerce Department said … Read more